After a roller-coaster year for the local property sector, which was reined in by government policies to cool the market and global financial uncertainties, what are the prospects for 2012?
Property agents estimate that developers released about 10,000 new flats in the primary market last year, and there are potentially 20,000 new units for sale this year.
However, developers are expected to market new projects in phases and are unlikely to dump flats at discount prices.
Luxury properties in prime locations include The Altitude in Happy Valley by Kerry Properties, Agenta in Seymour Road at Mid-Levels by Swire Properties, The Signature in Tai Hang by New World Development, Wing Tai Properties' new development at Coronation Terrace at Mid-Levels, and Soundwill Holdings' Park Haven in Causeway Bay.
The biggest suppliers are expected to be Sun Hung Kai Properties (SHKP), Cheung Kong and Sino Land.
SHKP is selling Chatham Gate in Hung Hom, while it will also put its new project at Tuen Mun station on the West Rail line on sale and phase one will provide about 1,000 units. Cheung Kong, now selling Festival City in Tai Wai, expects to release 3,500 to 4,000 new flats for sale this year, including a 1,720-unit project at West Rail's Tsuen Wan West station and LOHAS Park phase three comprising about 1,600 units in Tseung Kwan O.
Sino Land is expected to release more units in Providence Bay in Pak Sek Kok, while it is presently marketing The Coronation in West Kowloon, situated near the future Guangzhou-Shenzhen-Hong Kong Express Rail Link terminal.
